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Toncoin’s (TON) bullish charge continued over the weekend, as it resisted the general market slump to trade above $7.
This was in stark contrast to the widespread dip across the market with several altcoins recording 5-10% dips. While altcoins registered dips, TON was on the uptrend, as it reached for a new all-time high (ATH).
Our previous coverage of TON on 7 May when the token was at $5.9 projected a break of the $6 resistance and a price rise to a new ATH above $8. So far, TON has broken the $6 resistance and its current price action could see a new ATH.
TON’s Next Target is $8
The price action on the four hour and daily timeframes showed that TON could be headed to $8 next after crossing the selling hurdle at $6.
The retest of the resistance level at $7.5 saw TON form a double-top trading pattern on the four-hour timeframe. This hinted at a possible break of the selling pressure at that level.
The Chaikin Money Flow (CMF) indicator noted the surge in capital inflows, rising to +0.23. This translated to consistent buying pressure with the Relative Strength Index (RSI) super bullish with a reading of 71.
Buyers can leverage this opportunity for 10% gains from the current market price of $7.1. Furthermore, traders should keep an eye out on the general market sentiment, as this can accelerate gains in the short term.
Longs in the Majority in the Short Term
The long/short ratio on Coinglass showed that longs were in the majority for TON open contract positions. Longs held 51.65% of open positions worth $71.06 million.
While TON continued to experience significant volatility in both the spot and futures market, the market sentiment was fully bullish for TON.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.
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